Effective May 21, 2023, P&N has joined EisnerAmper. Read the full announcement here.
“Justice delayed is still justice,” said David Thompson, Vice President of Public Policy for the National Council of Nonprofits in Washington D.C. The hard work that non-profits and churches have invested to get the “parking tax” repealed has finally paid off.
On December 20, 2019, the President signed into law a funding bill that includes a measure to repeal the “parking tax.” This comes only two years after the tax was added to the Internal Revenue Code under the Tax Cuts and Jobs Act (TCJA). Making this measure an even greater victory for non-profit organizations is the fact that the repeal of the tax is retroactive.
Non-profit organizations will have refund opportunities for the tax paid on any disallowed qualified transportation fringes incurred since the original effective date of the TCJA: January 1, 2018. The process for claiming those refunds has not yet been provided, however the repeal of the parking tax is a WIN for all non-profits and churches affected.
P&N continues to monitor this and other important tax developments. If you have questions about how this affects your organization, please contact your P&N tax advisor.